Empire State Development approves $12 million to fund projects generating economic opportunity across New York

by jmaloni

Submitted

Tue, Nov 25th 2014 12:10 pm

Empire State Development's board of directors recently met in New York
City and approved nearly $12 million in funding for nine projects that are
spurring economic growth and opportunity across New York. These targeted
investments will leverage more than $144 million in private and other public
funding to support small businesses, community and downtown revitalization,
regional tourism, and projects that are designed to build a strong foundation
for future economic growth and job creation.

The state's investments will directly create at least 706 new jobs and
retain more than 1,640 existing jobs in the Empire State.

"The funding approved by the board shows how ESD is taking action to
support key projects statewide that create economic and employment
opportunities for all New Yorkers," said Empire State Development President,
CEO and Commissioner Kenneth Adams. "By supporting high-growth industries like
technology and manufacturing, and by improving our communities through
infrastructure investment and tourism promotion, these projects are generating
economic activity from Long Island to Western New York, and paving the way for
future growth."

•Ford Stamping Plant - (Western New York
Region - Erie County) - $5,000,000: Ford
Motor Company, one of the largest manufacturers of automobiles and commercial
vehicles in the world, will use a grant of up to $5,000,000 as reimbursement
for a portion of the cost to upgrade machinery and equipment at its Buffalo stamping
plant in Western New York. The project is consistent with the Western New York
Regional Economic Development Council's goal to retain jobs while contributing to
the region's strong and longstanding manufacturing industry. This project will
retain 640 jobs through January 2018 and allow the Buffalo stamping plant to
remain open, competitive and viable for future production growth.

Ford is headquartered in Dearborn, Michigan. The company is publicly
traded on the New York Stock Exchange and has approximately 166,000 employees
in 77 locations in 24 countries. In 1950, the Buffalo stamping plant, one of
Ford's stamping plants in North America, began manufacturing metal stampings
and welded sub-assemblies for the company's automotive car and truck assembly
plants. Today, it produces doors, quarter panels, hoods and fenders for Ford's
trucks and passenger vehicles. It is one of five U.S. Ford stamping plants, but
the only one not located in close proximity to or in a Ford
manufacturing/assembly facility.

In 2012, Ford began evaluating the future of the Buffalo stamping plant,
as it was the only stand-alone stamping plant remaining, with all others closed
or integrated with assembly facilities. Ford notified ESD that, if the Buffalo
facility were to remain operational, the company would pledge a significant
capital investment to allow the Buffalo stamping plant to manufacture new
product lines, securing its long-term presence in Buffalo. ESD responded with
incentives totaling $7 million, including a $5 million capital grant and $2
million in tax credits through the Excelsior Jobs Program, which the company
accepted. Without ESD's assistance, the Buffalo stamping plant could have been
closed and resulted in the loss of 640 jobs in Western New York.

The project involved renovations and consisted of design, build and
installation of automation and support for several press lines, new assembly
lines and manufacturing aids.